What is the global solar PV market like in 2022?

The solar PV market is dominated by crystalline silicon technology, for which the production process consists of four main steps: In 2022, global solar PV manufacturing capacity increased by over 70% to reach 450 GW for polysilicon and up to 640 GW for modules, with China accounting for more than 95% of new facilities throughout the supply chain.

How big is the solar photovoltaic market?

The solar photovoltaic market size exceeded USD 289.6 billion in 2023 and is set to expand at more than 8.3% CAGR from 2024 to 2032, due to the increasing focus on clean electricity through various solar PV targets.

What is the global solar photovoltaic (PV) market share?

Geographically, the global solar photovoltaic (PV) market share is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The Asia Pacific region held the major share of the global market. More than 77 GW of solar capacity will be added in the region in 2020.

Which country dominated the solar photovoltaic (PV) market in 2023?

Asia pacific dominated the solar photovoltaic (PV) market with a market share of 49.16% in 2023. Solar energy is used to convert sunlight into electricity by using photovoltaic effect technology. These PV systems are the most reliable and widely available source of renewable energy.

How big will solar power be in 2025?

With continued growth to annual additions of 266 GW in 2025, the operating global solar power generation portfolio will reach close to 1.9 TW, and in the most optimistic scenario even exceed the 2 TW level in four years’ time.

What is the global solar market outlook 2022-2026?

Download the Global Market Outlook 2022-2026 and discover: Questions about this report? Contact Bethany Global solar capacity doubled in 3 years from 2018, bringing the world’s solar fleet to one Terawatt capacity in April 2022. The global solar market is growing exponentially.